It’s common practice for businesses to take on debt, but unforeseen occurrences like a recession or a pandemic might make it more challenging to make payments on time. There are many small business owners who are, at the moment, having difficulty paying back their corporate debt. There are other options
By Dominique Molina, CPA MST CTS Tax planning is making shifts in a taxpayer’s financial and business situation, to minimize their tax burden both in the short term and over time. This often requires working in advance, before the end of the year, to identify and evaluate solutions and implement
By Dominique Molina, CPA MST CTS Visit social media or google these days and you’ll most likely see advertisements for Tax Planning. But many taxpayers (and even tax pros) are confused about the differences between tax planning and tax preparation. In fact, the average taxpayer most likely believes they are
Property tax is one of our country’s oldest taxes; it was even established prior to federal income tax. As far back as the founding of the United States of America, property taxes were assessed on colonists who were settling this country. Property tax is (and has been) one of the
Good news on forgivable expenses! There is a lot more that is eligible for forgiveness, and not just for new loans. The expanded categories apply retroactively to initial loans, as long as the taxpayer (the borrower) has not already applied for forgiveness. Let’s start with payroll costs. Under the old
Section 105 Plan How can you “hire” a spouse in a sole proprietorship without having to pay a wage, and where do you report it? A Section 105 plan allows the employee-spouse to be given tax-free reimbursement checks to pay for substantiated heal costs incurred for the employee-spouse, their spouse,
While we’ve been slaving away over piles of tax returns, the IRS has been feverishly publishing information letters. These letters often provide reminders to us of helpful tax breaks and loopholes. If you have clients who’ve experienced a short sale/foreclosure/deed in lieu – they might be feeling anxiety over impending